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There are many different types of tool rental agreements, all of which can come in very handy for completing projects around the house. If a certain project requires a tool that a homeowner does not already own, especially if it is an expensive tool, tool rental is the perfect solution to get the job done. Tool rental companies are often conveniently located in or near home improvement retailers, but just as many are independently operated.
You can rent just about any tool, whether large or small, for just about any job. Lawn aerators, concrete mini-mixers, bobcats, and air compressors are examples of common large equipment tool rental. However, smaller tools from chainsaws to hammer drills can also be rented. Basically, anything that is a power tool can be rented from a tool rental company. Many also rent small scaffolding structures, and some even rent trucks.
A tool rental company charges a rental fee based on a time frame. Though the tool rental agreement will vary with the company, most allow a rental period of anywhere from a half day, which is about four hours, to an extended time period based on 24-hour increments. The rental fees are usually based on half-day or full-day use.
Though you can usually extend the rental period from the initial tool rental agreement, it's more economical to plan out your project so you know approximately how long you will need the tool or equipment you rent. Also, be sure to understand the tool rental agreement. Pay attention to surcharges that may apply and whether or not you need insurance for the equipment. It is also wise to compare the rental charges and basic rental agreements of two or more companies before you decide.
Basic tool rental is often the economical choice for many household projects, but the fees for some tools can be high enough to warrant the outright purchase of a tool. As a rule, if the rental fee is half the price of purchase or less, the tool in question is one you would likely never need again, and you’re sure you know how to use it, it’s probably best to rent it. However, if the rental fee will cost you nearly the price of purchase and you can think of other projects for which the tool or equipment could be used, you might want to purchase the tool.
When considering tool rental, the best place to start is by determining the rental fee and examining the rental agreement. Comparing rental price to purchase price is usually only necessary if you’re comparing smaller power tools, rather than large pieces of equipment. You will most likely find that tool rental is the best option for large equipment due to purchase price and storage, which becomes necessary if you buy the tool. If you aren’t sure how to use the tool in question, be sure to ask the tool rental company to show you how.
I'm retired and live in a small community of about 1500. The closest tool and equipment rental is at least 30 minutes away. I have accumulated a lot of high quality tools, trailers, etc, Thinking about starting a small rental company. I am worried about people taking advantage of our acquaintance. I don't want to create enemies because it is a fairly close-knit community. Are my feeling warranted? Am I being overly sensitive to this? I can see me doing this business in a place where I don't live but...?
I'm really not pressured to make money...just trying to make better use of what I have...tools, etc.
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